WITH the price of a barrel of crude oil hovering around $45, some experts warn that the $50 mark is possible. American motorists, who on average are paying $1.86 a gallon for regular, shouldn't be surprised if they're paying more between now and Labor Day. Neither should they be all bent out of shape.

When adjusted for inflation, gas prices have a ways to go to top historic highs set in the early 1980s. According to the National Center for Policy Analysis, the oil shocks of the early '80s pushed the price of gasoline in 1981 to $2.83, in 2004 dollars.

If that doesn't make you feel better, consider the fact most Europeans are paying more than $5 for a gallon of gas.

Prices at the pump are higher, and Americans are feeling the bite because it's the peak summer driving season. Nationally, the $1.86 per gallon price compares with $1.56 at the same time a year ago, according to the AAA's fuel gauge report. In Oklahoma, the average price of $1.74 per gallon compares to $1.50 a year ago.

Yet, while prices are up, so is the average American's purchasing power. We pay less for gasoline, comparatively, than Americans did in 1920, when the 30-cents-per-gallon price was the equivalent of $2.78 today.

There are a number of reasons for the rise in crude oil prices, which eventually is passed on to consumers. Demand is high. There also is fear about possible disruptions in production in Iraq and other places. Even the upcoming presidential vote in oil-rich Venezuela is seen as a potential disruption, causing speculators on the world market to bid up prices.

Even so, the price of oil is far from the historic high set in 1979. That year, driven by uncertainty caused by the Islamic revolution in Iran, the price hit $80 per barrel in 2004 dollars.